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LONGVIEW, Texas - Steel products manufacturer Friedman Industries, Incorporated (NASDAQ:FRD), a $117 million market cap company with annual revenues of $445 million, announced the appointment of Gaurav Chhibbar as Chief Operating Officer effective July 10, 2025. According to InvestingPro data, the company maintains a strong financial position with a current ratio of 4.34.
Chhibbar joins Friedman with experience from Boston Consulting Group Inc., Metal Edge Partners LLC, and Cargill Inc. According to the company, he has worked with various clients including financial sponsors, private equity, family-owned, and Fortune 100 firms.
"We are excited to welcome Gaurav to our leadership team," said Michael Taylor, President and Chief Executive Officer. "His proven track record and strategic vision align perfectly with our goals for the future."
The new COO holds an MBA from The University of Chicago Booth School of Business with concentrations in Analytic Finance, Strategic Management, and Entrepreneurship. He also has a Master of International Business from the Indian Institute of Foreign Trade and a Bachelor of Engineering from Panjab University.
Friedman Industries operates manufacturing facilities across multiple states including Arkansas, Alabama, Indiana, Illinois, and Texas. The company has two main business segments: flat-roll products and tubular products.
The flat-roll segment processes hot-rolled steel coils at facilities in Hickman, Decatur, East Chicago, Granite City, and Sinton. The tubular product segment manufactures electric resistance welded pipe and distributes pipe through its Texas Tubular Products division.
This information is based on a company press release statement.
In other recent news, Friedman Industries has declared a quarterly cash dividend of $0.04 per share on its common stock. This dividend will be paid to shareholders on August 8, 2025, marking the company’s 214th consecutive quarterly dividend since going public in 1972. The company reviews dividend payments quarterly, considering factors such as financial condition and growth plans. Additionally, Friedman Industries announced a change in its independent registered public accounting firm due to the merger of Moss Adams LLP with Baker Tilly US, LLP. Following this merger, Moss Adams resigned as the company’s auditor, and Baker Tilly has been approved as the successor auditor. The audit reports from Moss Adams for the fiscal years ended March 31, 2025, and 2024 did not contain any adverse opinions or qualifications. There were no disagreements with Moss Adams on accounting principles or auditing procedures during these fiscal years. Furthermore, Friedman Industries confirmed that there were no consultations with Baker Tilly regarding audit opinions or accounting principles prior to their appointment.
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